Reliance Industries has stated in a regulatory filing that its subsidiary Reliance Strategic Business Ventures (RSBVL) has acquired a 100% stake in Nauyaan Tradings Private Limited (NTPL) for Rs 1 lakh.

NTPL will serve as a vehicle for the acquisition of a majority stake in Nauyaan Shipyard Private Limited (NSPL) which holds approximately 138 acres of land near RIL’s Dahej manufacturing coastal facility.

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“Please note that Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of the company, has informed the company that it has acquired a 100% equity stake in Nauyaan Tradings Private Limited (NTPL) from Welspun Tradings Limited, a wholly owned subsidiary of Welspun Corp Limited (WCL) for an aggregate consideration of Rs 1,00,000,” the company said in a regulatory filing to the stock exchange.

After the acquisition by RSBVL, NTPL entered into a share purchase agreement with Welspun Corp Limited (WCL) to acquire a 74% equity stake in Nauyaan Shipyard (NSPL) for Rs 382.73 crore. The transaction values NSPL’s equity at Rs 517.21 crore, with an enterprise value of Rs 643.78 crore and total liabilities of Rs 126.57 crore. NSPL is also expected to settle a Rs 93.66 crore liability owed to WCL.

Incorporated in July 2021, Nauyaan Shipyard holds leasehold rights to approximately 138 acres of land near RIL’s Dahej manufacturing coastal facility.

“The land is proposed to be used for additional activities, including salt handling, storage, brine preparation, engineering fabrication of structures, and hydrogen electrolyser manufacturing,” the RIL statement mentioned.

The acquisition of Nauyaan Shipyard is part of a broader plan linked to RIL’s partnership with Norway’s Nel ASA, announced in May 2024. Through a technology licensing agreement, RIL secured the rights to manufacture and deploy Nel’s alkaline electrolyser technology for both domestic use and global demand.

Nauyaan Shipyard’s Dahej site is expected to drive Reliance’s multi-gigawatt electrolyser manufacturing strategy which is in line with India’s green hydrogen agenda. In 2023, the Union Cabinet approved the National Green Hydrogen Mission, allocating Rs 19,744 crore through FY30 to establish India as a global hub for green hydrogen production and export.